Canadian Western Bank reports $52.6M first-quarter profit, up from year ago

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EDMONTON – Canadian Western Bank (TSX:CWB) says it earned $52.6 million in its latest quarter, up from $45.5 million a year ago, as revenue improved 14 per cent.

The bank said the profit amounted to 65 cents per diluted share for the quarter ended Jan. 31 compared with 57 cents per diluted share a year ago.

Revenue totalled $151.7 million, up from $133.5 million, helped by strong loan growth.

“Very strong loan growth and record results in both total revenues and earnings per share demonstrate the strength of our business model and the relevance of our complementary products and services to clients in our key markets,” CWB president and chief executive Chris Fowler said in a statement.

“While pressure on net interest margin exists, we’re confident that the steps we’re taking to mitigate the impact of low interest rates will contribute to ongoing strong profitability and excellent returns to shareholders over time.”

Canadian Western Bank offers business and personal banking services in the four Western Canadian provinces.

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